FIRST SECURITY GROUP INC
			Symbol			FSGI

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First Security Group Announces Third Quarter Results

2009-10-20 05:00 ET - News Release

Continues Long-Term Approach to Capital and Reserves

CHATTANOOGA, Tenn. -- (Business Wire)

First Security Group, Inc. (NASDAQ: FSGI) determined that it was appropriate to write off all goodwill from its balance sheet, which negatively affected earnings during the third quarter. Consequently, First Security posted a net loss available to common shareholders of $28.6 million, or $1.84 per diluted share, for the third quarter of 2009. The after tax goodwill impairment charge totaled $24.8 million and is a one-time, non-cash accounting adjustment that has no effect on cash flows, liquidity, tangible capital or the Company’s ability to conduct business. The charge is due to the continued economic downturn and its implication on bank valuations. Because goodwill is excluded from regulatory capital, the impairment charge has no impact on the regulatory capital ratios of First Security or FSGBank, both of which remain “well capitalized” under regulatory requirements.

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